Market Morning Update – 27 February 2012

Market Morning Update – 27 February 2012

Market Morning Update - 27 February 2012Market Action

* US: Dow Futures: 12909.00 (-0.40), S&P 500 Futures: 1357.30 (-0.44%), NASDAQ Futures: 2591.00 (-0.40%)

* Europe: CAC: 3426.49 (-1.18%), DAX: 6779.19 (-1.26%), FTSE: 5883.30 (-0.88%).

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* Asia: China: 2447.06 (0.30%), Hong Kong: 21217.66 (-0.89%), India: 5281.20 (-2.73%), Japan: 9633.93 (-0.14%)

* Metals: Gold: 1769.00 (-0.42%), Silver: 35.26 (-0.22%), Copper: 3.83 (-0.74%)

* Energy: Crude Oil: 108.80 (-0.88%), Natural Gas: 2.53 (-0.63%)

* Commodities: Corn: 6.35 (-0.90%), Soya Bean: 12.79 (-0.04%), Wheat: 6.36 (-0.86%)

* Currency: EUR/USD: 1.3384 (-0.48%), GBP/USD: 1.5848 (-0.19%), USD/JPY: 80.5500 (-0.79%)

* 10 year US Treasury: 1.977% (-0.019)

Market News Update

U.S. Stock Index Futures signal lower open: U.S. stock-index futures fell amid the backdrop of the G-20 meeting that has called upon the leaders of Europe to commit more financial resources to fight the debt crisis. Dow Jones Industrial Average futures decreased 55 points, or 0.4 percent, to 12,906, while the S&P 500 Index futures expiring in March declined 0.5 percent to 1,356.50.

European shares retreat: European stocks fell on Monday, as rising oil prices left investors worried about its impact on corporate earnings and global growth. FTSE 100 Index fell 0.8% to 5888, CAC 40 was down 1.3% at 3421.9 and Frankfurt’s DAX dipped 1.3% to 6774.23. The benchmark Stoxx Europe 600 Index was trading 1% lower at 262.1.

Asian markets down: Most Asian stock markets ended lower on Monday. Worried about the growing stand-off between Iran and the West, that has led to spike in oil prices. Japanese stocks retreated from early morning gains, as the worst slump in Yen since 2009, led investors to lock in profits.

Oil falls from nine month high: Oil futures in New York were trading 1.5 percent down, halting seven consecutive days of gains. Oil for April delivery fell as much as $1.53 to $108.24 a barrel in electronic trading on the New York Mercantile Exchange.

Brent oil for April settlement declined $1.38 to $124.09 on the London-based ICE Futures Europe exchange.

Gold falls one percent: Renewed worries over the euro zone debt crisis and the impact of high crude oil prices on the global economic recovery led to gold prices fall 1 percent on Monday. U.S. gold futures for February delivery were down $10.30 an ounce at $1,766.10.

Company News Update

* HSBC (HSBA) reported an increase of 15 percent in profit for 2011 which stood at $21.9 billion. HSBC’s focus on emerging markets helped boost results, with its Asian business performing well, while Latin America, the Middle East and North Africa expanded and Europe struggled with the euro zone debt crisis.

* Lowe’s Cos (LOW) posted a higher quarterly profit as comparable store sales rose 3.4 percent at the No. 2 U.S. home improvement chain.

* Berkshire Hathaway Inc. (BRK/A) took a $1 billion distribution Burlington Northern Santa Fe railroad in the first quarter, matching the highest quarterly payout since billionaire Warren Buffett acquired the railroad in 2010.

* Exxon Mobil Corp (XOM), the biggest U.S. oil producer, pared earlier losses, slipping 0.1 percent in early New York trading as crude prices retreated.

* Transocean Ltd. (RIG), the world’s biggest operator of offshore drilling rigs, climbed 2.4 percent in early New York trading after quarterly sales beat analyst estimates.

* Motorola Solutions Inc. (MSI) said it has entered into a stock purchase agreement with Carl Icahn and certain of his affiliates under which the company has purchased 23.7 million shares of its common stock at a price of $49.15 a share, for aggregate cash consideration of $1.2 billion.

* Volkswagen AG (VOW), Europe’s largest carmaker, is closing in on a deal to purchase the remaining 50.1 percent stake in Porsche SE’s automotive business that it does not already own, people familiar with the matter said.

* Nokia (NOK) has unveiled a new, cheaper smartphone using Microsoft’s Windows Phone software, targeting a wider market for its new range of smartphones.

* British banks Lloyds (LLOY) and Royal Bank of Scotland (RBS) plan to tap the European Central Bank’s special three-year funding scheme for a combined amount of about 15 billion euros ($20 billion), on a par with some of the euro zone’s largest banks.

* Europe’s second- largest crude producer BP (BP), and plaintiffs suing over the 2010 Gulf of Mexico oil spill have discussed a $14 billion accord that the company would fund with money originally set aside for out-of- court settlements, said three people familiar with the talks.

Economic Calendar for Monday, February 27, 2012:

10 A.M. ET: Pending Home Sales Index

10:30 A.M. ET: Dallas Fed Mfg Survey

11 A.M ET. ET: 4-Week Bill Announcement

11:30 A.M. ET: 3-Month Bill Auction

11:30 A.M. ET: 6-Month Bill Auction

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